Breaking: GBP/USD leaps towards 1.35 as exit polls show massive Conservative majority

Yohay Elam FXStreet

Television exit polls show a massive Conservative majority of 86 seats, beyond everything that opinion polls have shown. If confirmed, Boris Johnson would not only be able to govern on his own, but he would be able to hold down the hard Brexiteers.

While real results may be different, it is hard to see the Tories not winning a majority.

The Ipsos-Mori poll for BBC, ITV, and Sky are showing these results:

Tories 368
Labour 191
Lib Dems 13
SNP 55
Plaid 3
Greens 1
Others 19

Follow all the updates in the UK Elections live coverage

Currency reactions to the exit polls

GBP/USD has hit a high of 1.3442 at the time of writing, the highest since June 2018. This is an increase of nearly 300 pips or over 2%. See the next levels to watch
EUR/USD hits 1.12 after clear-cut UK exit polls, higher levels to watch
EUR/GBP takes out April 2017 lows at 0.8297 on landslide Tory exit polls
GBP/JPY Price Analysis: Pound goes ballistic against yen on UK elections

GBP USD jumping on Conservative majority

Prime Minister Boris Johnson's Conservative Party was expected to win an absolute, albeit narrow majority in parliament. A hung parliament has not been ruled out. Investors would prefer the PM to hold onto his job and follow through with ratifying his Brexit accord and enacting business-friendly policies. A hung parliament may lead to LAbour leader Jeremy Corbyn becoming PM and leading a minority or coalition government.

GBP/USD has experienced a broad range during election day, moving between the highs of 1.3230 and the low of 1.3050.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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